How much is enough for retirement in Singapore?

[Pyap]

Retirement insurance give annual payout for a specified period e.g. 30 years. If dont draw out… can earn some interest in it. Upon maturity 30 year later, there is a lumpsum payout too.

[starlight1968sg]

I think retirement insurance is annuity.

One can pay a big lump sum and starts collecting either yearly or monthly payout from X years
One can also pay premium for a few years and starts collecting payout from x years.

[lee_yl]

Duplicate

[lee_yl]

starlight1968sg\" post_id=\"2058968\" time=\"1645088458\" user_id=\"14025:

3k to 5k per month for a couple seems reasonable and common

I think her $3K-5K means expenses of $3K/couple monthly for daily expenses and to save $2K/couple on a monthly basis for overseas holiday.

If it is just $3K / couple per month. I think definitely not enough.

That works out to be $1500 per pax per mth.
That’s just $48 per day. From the $48, if we assign $20 on 3 meals, that’s $6.67 per meal.

If one needs to see a dentist and spend $96, it means 2 days left with $0 to spend.

Like worse than secondary school days. Secondary school students still can borrow money from parents! And $6.67 per meal, not enough for a sec sch student to buy a cup of Starbucks. Retirees also don’t need to live like a beggar

[MrsKiasu]

I think for those been living simply like most time cook at home. I day $40 food budget for a retiree couple. Order from Redmart every 1.5days @ $60 with free delivery.. enough food already for us, will have problem on how to finish $60 worth groceries every 1.5days

[MrsKiasu]

I m just estimating what is ‘enough’ better to have some money behind…for contingency/ad hoc expenses/medical etc, else don’t know who can help us. Can still continue to work/collect rent be it from whole unit/room if need to.

[lee_yl]

MrsKiasu\" post_id=\"2058993\" time=\"1645112405\" user_id=\"43981:

I think for those been living simply like most time cook at home. I day $40 food budget for a retiree couple. Order from Redmart every 1.5days @ $60 with free delivery.. enough food already for us, will have problem on how to finish $60 worth groceries every 1.5days

That’s provided 365 days cook and eat at home.

But I will crave for say weekend Dim Sum at East Ocean, Tim Ho Wan or Japanese food at Ichiban. Based on $6.67 budget per meal, maybe only special occasions like CNY or birthday then can step into a restaurant.

$6.67, not enough for a KFC 2-piece meal. But if the retiree fries 2Pc chicken wing at home then probably less than $6.67. Lol

If see doctor $60 gone, means 1.5 days no money to eat?

A lot depends on individual lifestyle. $1500/per pax per month, is not undoable as a Foodcourt cleaner auntie is probably earning $1500/mth and can still survive.

[MrsKiasu]

lee_yl\" post_id=\"2059000\" time=\"1645114622\" user_id=\"17023:

That’s provided 365 days cook and eat at home.

But I will crave for say weekend Dim Sum at East Ocean, Tim Ho Wan or Japanese food at Ichiban. Based on $6.67 budget per meal, maybe only special occasions like CNY or birthday then can step into a restaurant.

$6.67, not enough for a KFC 2-piece meal. But if the retiree fries 2Pc chicken wing at home then probably less than $6.67. Lol

If see doctor $60 gone, means 1.5 days no money to eat?

A lot depends on individual lifestyle. $1500/per pax per month, is not undoable as a Foodcourt cleaner auntie is probably earning $1500/mth and can still survive.

Can take from the 28/day kept aside.

[Zeal mummy]

Pyap\" post_id=\"2058973\" time=\"1645092135\" user_id=\"196803:

Retirement insurance give annual payout for a specified period e.g. 30 years. If dont draw out.. can earn some interest in it. Upon maturity 30 year later, there is a lumpsum payout too.

I see.. are you referring to annuities from private insurer? Or the CPF one?

[Zeal mummy]

starlight1968sg\" post_id=\"2058975\" time=\"1645092617\" user_id=\"14025:

I think retirement insurance is annuity.
One can pay a big lump sum and starts collecting either yearly or monthly payout from X years
One can also pay premium for a few years and starts collecting payout from x years.

I see, thanks. Do you know if this (assume private insurance) is a better deal than the one we get from CPF?